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How one mortgage lender is trying to compete against cold hard cash

Colorado company Eave has launched software that automates mortgage applications and gives buyers a decision within two days.

(Credit from left: 401(K) 2012; Nick Youngson CC BY-SA 3.0)
(Credit from left: 401(K) 2012; Nick Youngson CC BY-SA 3.0)

After all-cash deals dominated about a third of home sales last year, the takeaway for lenders and banks was they needed to expedite mortgage applications — before a competitor did.

Bank of America began allowing buyers to access loans worth up to 80 percent of their home following an all-cash purchase, and Better Mortgage Corp. started testing on a system to allow them to underwrite mortgages within a day.

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Now, a Colorado-based and operated company, Eave, is going a step further launching a new software that automates mortgage applications and decisions, according to Inman. The system provides buyers with a response within two days based on 10 documents.

The company targets loans for high-end homes, from $665,000 up to $8 million, and was founded by a C-suite line-up that counts a Capital One executive and Hailo executive among its ranks. Its backers include Bessemer Venture Partners and Two Sigma Ventures. [Inman] — Erin Hudson

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MortgagesTechnology